At the end of the day, Wall Street didn't like what they heard yesterday. Agreed closing 30 US stores was Ron's way of trying to placate Wall Street, however Wall Street like many of us realize that he needs to add a 0 onto that 30 and multiply it by 1.5 in order to make any significant impact. Yes 450 should be the number of stores to get the analyst's attention. 74 million shares short! This ranks 7th overall. Yes 7th! Obviously that leak to Forbes a few weeks ago was an attempt by Insiders to get a bump prior to this joke of a re-org. Get serious. Their retail model is broken. Management was too arrogant to get ahead of the curve. They have been hiding behind their Harvard educations for a long time. Stembergh was the true visionary behind their early success. Ron has a bunch of yes-men he surrounds himself with which has got SPLS in this situation. Demos is a blundering idiot. Did you listen to him on their last analyst earnings report? He had no clue what was going on. Now Ron promotes him to be second in command. Wow! If I didn't believe Wall Street was rigged, I would bet my kid's college education money that this company is the next Circuit City.
Yep, SPLS has a lot to fix...and your 450 store number is a little light. And Yes I'm one of the 75M short...have been since Jan 2011.... definitely the longest time I've ever held a short position, but it just keeps paying off...when the Dutch were able to get SPLS to buy CEXP for twice what it was worth at the top of the market...I knew SPLS was run by idiots and to keep looking for a short entry point.